Since breaking an 8-month uptrend on July 21st, FedEx is currently trading below the 200-day moving average. $106 has served as resistance before during late December 2005 and as support during late May 2006. Currently, this level, $106, is again serving as resistance and is also the 50% Fibonacci retracement level of the 8-month uptrend. With recent heavy sell volume, bearish until firm close above $109 or 38.2% Fibonacci level.
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